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Data for today’s episode is provided by Mercator Advisory Group’s Viewpoint: Russian Credit Cards Will Lose Relevance as Their Economy Tumbles
Countries with One or More Credit Cards Per Person:
- Canada has an average of 3.85 credit cards per person.
- The U.S. has an average of 3.23 credit cards per person.
- Japan has an average of 2.34 credit cards per person.
- Korea has an average of 2.20 credit cards per person.
- Brazil has an average of 1.33 credit cards per person.
Russia was primarily a cash economy until 2012, when payment cards began to displace cash. Recent global events indicate that domestic card usage will continue, with growth in debit transactions, but credit card volumes will languish.
Russia’s domestic payment scheme will keep transactions flowing within the country. Still, it faces challenges in global acceptance and will not be capable of supporting a robust credit card function as the economy weakens as a result of the international sanctions.